Millionaire investor and cryptocurrency advocate Kevin O'Leary believes that the NFT sector could be worth more than Bitcoin in the future.
Speaking with CNBC's Capital Connection on January 5, O'Leary, aka Mr. Wonderful, argument that NFTs offer greater potential to attract capital than Bitcoin due to their ability to tokenize and authenticate physical assets like cars, watches, and real estate:
"You will see a lot of movement in terms of authentication and real estate transfer tax and insurance policies online over the next few years, making NFTs a much larger and more fluid market potentially than just Bitcoin."
However, Wonderful admitted that it is not tied to that bet and will continue to invest in "both sides of that equation."
The former crypto skeptic told Cointelegraph in a recent interview that his change of tone towards blockchain and digital assets was due to the growing trend of regulators that are heating up around the world over the last few years.
However, not everyone agrees with the comparisons between Bitcoin and NFT, and Coingecko's digital marketing associate, Khai Ren Kuan, told Cointelegraph that "it is probably not fair to compare Bitcoin, which is a unique asset, with NFT. which are a complete sector ".
However, Kuan noted that the NFT adoption curve in 2022 will only increase upward as the sector is still in its infancy:
"I think that, taken together, if you look at all the NFTs and the fact that 2021 was the first year of market adoption, there is definitely a lot of room to grow."
"We already have a set of 'blue chip' NFTs, but I think the industry is still just scratching the surface of what NFTs could be and what they could do, particularly if the Metaverse comes to fruition," he added.
Related: Global search interest for 'NFT' overtakes 'cryptocurrencies' for the first time in history
Coingecko recently published a new book called "How to Make NFT" that provides an overview for newbies entering the non-leaking space on how to buy, sell, store and mint NFT. When asked if he thinks the "NFT art narrative" will continue to dominate in 2022, or if the trend will shift towards utility-based NFTs, Kuan said:
โArts and collectibles will always rank high on the list, as they are the easiest for beginners to understand and the easiest to understand. In terms of utility NFTs, I think what is probably interesting to look at is how some NFTs will be both art and utility. "
"We have seen BAYC, that the NFT doubles as membership in their 'club', and it really helps to build a sense of identity and community," he added.
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